87 deepfake scam rings taken down across Asia in Q1 2025: Report
A new report from Bitget, SlowMist and Elliptic highlights the severity of deepfake scams, urging both individuals and organizations to adopt more stringent preventive measures.
The rise of artificial intelligence is fueling a sharp increase in crypto-related fraud, with deepfake technology driving a surge in sophisticated scams, according to a new report.
In the first quarter of 2025, at least 87 scam rings using AI-generated deepfakes were dismantled, according to the 2025 Anti-Scam Research Report co-authored by crypto exchange Bitget, blockchain security firm SlowMist, and analytics provider Elliptic.
The report also reveals crypto scams reached $4.6 billion in 2024, marking a 24% increase from the year before. Nearly 40% of high-value fraud cases involved deepfake technologies, with scammers increasingly using sophisticated impersonations of public figures, founders and platform executives to deceive users.